Mortgages are scam 🏡😭

Yes we know how mortgages work but when you actually look at your statement, it’s very demoralising! I paid £200,000, why are you charging me £400,000 in total?! 🤔 Banks are thieves! 🏡😭

It sucks but it's not a scam. At the end of the day, I need a roof over my head. What's the alternative? Pay someone else's mortgage or sleep on the streets 🤣

As if people dont research before doing things. I saw this video and its crazy people dont know they mainly pay interest

If you pay your Mortgage every single day, then you don't pay any compound interest!

think thats just the UK

It’s interest on a 127k amount you borrowed- that’s how it works you know. But yeah you’ve paid off £1000 in a year and still have a house with rent of £652 per month - if you can pay more each month you’ll get it down faster!

1. You knew what you are getting 2. You literally put a signature on it 3. All works as expected Where is the problem?

Debt slavery

Banks want there interest first fella

But shariah law is evil, keep paying interest goys

Banks create money out of thin air and charge you 6% for the privelage. They also own your property until you pay off the mortage. Mortage in French? Death Contract.

It's compound interest in reverse, not a lot you can really do about it if you need a mortgage. Max your deposit down and secure the best rate possible and overpay. Or, rent and invest the difference. Most people won't understand this

They don't exactly try to hide it lol, when you get a 20+ year mortgage you're paying 150k+ in interest

The word "Scam" has lost all meaning. Scams don't come with terms and conditions, statements, regulated contracts etc. You are borrowing a large amount of money over a long term with interest. If you can't understand how it works you shouldn't be allowed to take a mortgage out

Nightmare at the minute, i keep remortgaging 2 year deals cos the rates are so high and this is the result, endless interest 😂

People who are too stupid to understand mortgages should keep renting, then you can pay someone's who does.

What’s the alternative rent for life ?

Always try to pay off a little bit more a month even £20 makes a difference at the end.

Imagine not understanding how a mortgage works 🤷‍♂️

That’s not a year, only 8 months

Interest is a constant, if you want to pay it down faster you’ll have to reduce the overall term

Would you rather pay that anyway (or more) and see nothing in return while renting?

Shorten the term and make overpayments whenever possible 👍🏻 I overpay £??? a month. Takes 25% off the term of my agreement, which in turn reduces the amount of interest that I’ll pay against the loan.

This is the same with student loans. You pay the money back with the repayment plan but the interest increases the amount you have to pay back. So it puts you in an endless cycle of repaying. Unless you pay small amounts yourself you won’t ever repay the full of it.

Probably on a 35 year term, longer the term the cheaper annually but slower pay down of capital leading to a larger overall mortgage cost

Love how the comment section is blaming him for this. 🤣🤣

Not a scam. You agreed to terms you didn't understand because you wanted a house you couldn't afford. If you could afford it you'd have paid cash and not paid a penny in interest and this post wouldn't exist. Simple concept.

This is why you dont get a mortage, you set up a stock and shares ISA account when you are in your 20s add £400/£500 a month, buy into a FTSE 100 index fund and have between £150k to £180k. In the North thats enough to buy a decent 3bedroom house. Enjoy your 40yrs mortgage

Must be a interest only mortgage, repayment mortgages are the best

Can you borrow money from your private pension pot to pay for the house if its your main home? Is there such a thing in the UK, if not, why not?

He should think himself lucky he's not an American Have you seen their mortgage payments ?

It’s called leverage

Get an offset mortgage

Maths